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Market Update: Weekly Outlook on Corn, Soybeans, and Wheat

As the market closed at the end of the week, various agricultural commodities showed mixed results amid fluctuating trader sentiment and shifting production estimates.

Corn and Soybean Markets

December corn ended down 1¾¢ at $4.19 per bushel while November soybeans fell by 3¼¢, closing at $10.21 per bushel. According to Karl Setzer, a partner with Consus Ag Consulting, “Futures were softer at the start of Friday’s trade, although losses were less than during the overnight hours.” He attributed this to a lack of buying interest as the weekend approached, despite a notable spike in export demand.

Setzer emphasized that the market’s focus remains on current U.S. production estimates, stating, “Until we see these numbers adjusted, market response to demand is being muted.” This highlights the cautious sentiment among traders as they await more concrete figures regarding crop yields.

Wheat Markets Take a Hit

The wheat market also saw declines with September CBOT wheat down 3¼¢, settling at $5.38¼ per bushel. Similar downward trends were observed in the Kansas City and Minneapolis wheat markets, with prices at $5.26½ and $5.45 per bushel, respectively.

Cattle and Hog Prices

In livestock markets, October live cattle increased by $1.00, reaching $223.15 per hundredweight (cwt), while August feeder cattle rose by $2.55 to $332.20 per cwt. However, October lean hogs saw a decrease, dropping 50¢ to $90.60 per cwt.

Crude Oil and Stock Market Performance

Turning to energy markets, September crude oil was down 99¢, now priced at $65.04 per barrel. In stock markets, the September S&P 500 futures gained 21 points, and the Dow Jones climbed 190 points, indicating a positive performance in equities despite the struggles in agricultural commodities.

Looking Forward: Soybean Openings

As the new week begins, updates reveal soybean markets starting lower, with December corn down 1¼¢ at $4.19½ and November soybeans at $10.20¼, down by 4¢. Setzer reiterated that “the trade continues to receive mixed crop reports,” with many indicating that the upper yield potential for the U.S. corn crop has been compromised.

He further noted, “Low prices have attracted importer interest for corn, but wheat buyers are showing more engagement with U.S. offers due to competitive pricing and persistent logistical issues in Brazil affecting their exports.”

Final Thoughts

With the wheat markets exhibiting similar bearish trends, traders are keeping a close eye on logistical improvements and production estimates as we progress into the new week. A cautious optimism surrounds the livestock sector, with steady price movements in cattle. As information continues to unfold, market participants will need to stay alert to potential changes that could sway these outlooks.

Published: 3:33 p.m. CT

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